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On July 1,Alexandra contributes business equipment (which she had purchased two years ago) having a $45,000 FMV and a $40,000 adjusted basis to the AX Partnership in exchange for a 25% interest in the capital and profits.The basis of Alexandra's partnership interest is
Injunction
A judicial order that restrains a party from beginning or continuing an action threatening or invading the legal right of another.
Legal Position
The specific rights, duties, or standpoints held or taken in a legal action or argument.
Compensation
Payment or remuneration given to someone in exchange for loss, damage, or suffering.
Partial Performance
Completion of only part of the obligations specified in a contract, which may affect the enforceability or terms of the contract.
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